The market for designing and building oil- and natural gas-related projects around the world did not collapse in 2009 as some had feared. But neither did the market expand. While many construction-industry firms working in the petrolem sector experienced booms through most of the past decade, the pace of new-contract signing slowed significantly in late 2008 and the first half of 2009 as economies around the world staggered and oil and gas prices tumbled. Photo: Fluor Fluor’s Trinidad/Tobago Poinsettia platform, nearing completion, is the largest offshore platform ever built in the island republic. Related Links: View more industry sectors from
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.